Page 18 - Byju's

Weekend Bites: E-transport, falling rupee, moon shot, and horror in court

In which we munch over the week's platter of news and views

Byju's ropes in former Infosys senior exec Richard Lobo for HR functions

Edtech major BYJU's on Monday said it has roped in former senior executive of IT company Infosys, Richard Lobo, to drive the company's human resource functions. Lobo joins BYJU's after a 23-year career at Infosys, where he held various leadership roles, most recently serving as its EVP and Head of Human Resources, the edtech firm said in a statement. "His extensive experience and leadership in HR will be instrumental in further enriching our work culture and ensuring that the welfare of our team members remains at the core of every decision we take," BYJU's Founder and CEO Byju Raveendran said. "I'm excited to take on this pivotal role and work closely with the team at BYJU's to build on their achievements, and help transform the organisation to be future ready," Lobo said. Richard joined Infosys in 2000. He is credited with bringing technology and analytics to the HR function as Infosys scaled to become a global leader in technology and consulting, the statement said.

Byju's hires Infosys veteran Richard Lobo to steer human resources function

Lobo joins Byju's after a 23-year career at Infosys, where he held various leadership roles, most recently serving as its EVP and Head of HR

Top headlines: Govt defers laptop import curbs, Go First insolvency

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Byju's lenders accused of using bogus loan-default claims to gain control

The distressed-debt lenders are "playing hardball" to create leverage in negotiations to restructure the loan and causing problems for Byju's executives

Byju's misses August 3 deadline to rework $1.2 billion loan terms

Byju's said no deadline had been missed as "August 3 was merely a hopeful date that was likely to be scheduled for a sign off"

Byju's Aakash unit forced to rework board after breaching loan agreement

Davidson Kempner, which manages more than $38 billion, forced the changes in Aaksah's board as the borrower was in breach of some covenants on a $250 million loan

Troubled Byju's misses target to amend its $1.2 billion loan terms

The company failed to decide on revisions sought by lenders in the loan's terms, including part repayment and higher interest payment

ICAI refers edtech firm Byju's matter to its disciplinary committee

The FRRB under ICAI has the power to review general-purpose financial statements of enterprises and auditor's report

Amid chaos at Byju's, what is the other side of startup ethics debate?

The goings on at Byju's and some other startups raise questions of not only governance but also the board's role

Top headlines: Fitch cuts US credit rating, corporation tax mop-up slips

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Manipal Group chairman Ranjan Pai in talks to invest in Byju's-owned Aakash

Raveendran may partially offload his stake for $80-90 mn

Byju's sends legal notice to Aakash founders demanding share transfer

Education technology startup Think and Learn Pvt Ltd, which operates under BYJU'S brand name, has sent a legal notice to founders of Aakash Educational Services following their alleged resistance to complete a share swap that was unconditionally agreed as part of the sale of Aakash Educational Services Ltd (AESL), sources said. In 2021, BYJU'S acquired 33-year-old brick-and-mortar coaching centre AESL for nearly USD 940 million in a cash and stock deal. Post deal, TLPL owned 43 per cent while its founder Byju Raveendran another 27 per cent. Founder Chaudhry's family maintains about 18 per cent in AESL and Blackstone the remaining 12 per cent. The deal envisaged AESL merging with TLPL as it was more tax efficient for the seller Chaudhrys. However, due to delays in the proposed merger by the National Company Law Tribunal (NCLT), TLPL has invoked the unconditional fallback agreement and issued a notice to Chaudhrys, requesting the execution of the swap deal. But the minority sharehold

Top headlines: Foxconn in talks for $200 mn plant in TN, Fed hikes rates

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For edtech firm Byju's chaotic situation, are only founders to be blamed?

Byju's delayed giving its FY21 financial report by 18 months and when it did, it reported a loss of Rs 4,570 crore. The FY22 financials are yet to be filed

Will 'significantly' mark down Byju's valuation: Peak XV Partners

This is the first time investors have externally flagged financial and corporate irregularities at the edtech firm

Star founder Raveendran broke down in tears as crises engulfed Byju's

Without easy access to global capital, companies are now facing greater scrutiny over corporate governance, jeopardizing India's quest to pull even with the US and China as a tech capital of the world

Top headlines: IMF ups GDP forecast, L&T board approves buyback, and more

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Byju's 'regularly disregarded' advice on key matters, says Prosus

Exited Byju's board because of poor corporate governance, says edtech firm's biggest investor

Byju's 'regularly disregarded' former director's advice, says Prosus

Prosus, which this year slashed its valuation of Byju's to $5.1 billion from $22 billion last year, said the decision for its director to step down from Byju's board last month